EVRY: PSD2 opens door to almost any company interested in eating a bank’s lunch…..

The fascinating white paper from EVRY: PSD2 – Strategic opportunities beyond compliance focuses on How PSD2 will open up the European financial landscape and strategies for how banks can take the leading positions. It pulls no punches on the potential impact saying, “PSD2 opens door to almost any company interested in eating a bank’s lunch.”

They are in no doubt that PSD2 is going to be good and bad for almost every player, who have to be aware and protect themselves in various ways. Clearly, the main focus on the dangers and opportunities for banks. A vital conclusion is that banks need to have started reacting many months ago.

The key assumption

The white paper assumes that: “This whitepaper assumes that, in practice, a service could provide both account information and payment initiation, even if the provider is a bank. This means that the customer will experience the service as being provided by one company, regardless of whether there are one or several legal entities providing the services together.” This is key to banks surviving and keeping control and they show how this can be achieved.

And then they develop strategies for (banks) on how to take advantage of PSD2.

Conclusion

The overall conclusion is that, “The uncertainty on how the financial industry might look like after the implementation of PSD2 is huge with banks going more and more cross-border.” And that there is going to be significant turmoil with banks:

Some being a first movers

Others providing great user experience

Improving the use of big data

Building innovative new products.

CTMfile take: Worth a download and read as the scenarios really show what the turmoil is going to be like and how it might affect corporates.